When purchasing your home, it will be a time filled with excitement. A product to talk about with your Mortgage Broker is mortgage protection insurance. Mortgage protection insurance can pay some or all of your outstanding mortgage balance if you lose your job, become disabled, or pass away, so you don’t leave a large debt for your family. Below are some examples of benefits from the Manulife One Protection Place.
Benefits
- Long-term protection
- Reduce your mortgage debt
- High Maximum coverage
The maximum insurance amount of $500,000 will cover:
- The average month-end balance of your Manulife One account over the last 12 months or the outstanding balance on the day you pass away – whichever is less.
- Interest accumulated on the debt balance between the date of death and the date the insurance payment is made.
- Fees and expenses to discharge your mortgage up to 5% of the total insurance payout.
Premiums
The smaller your outstanding balance, the lower your monthly premium. Premiums will vary. They’re calculated every month based on the outstanding month-end balance of your Manulife One account and the age when you were approved for the coverage.
If you would like to know more details about Mortgage Protection Insurance we are always available to answer any questions.
